June 29th is looking to be a volatile day for Bitcoin, as it is the quadruple end of the week, month, quarter and expiration date for July Bitcoin Futures on CME.
The CME Group’s Bitcoin Futures were first launched on December 18, 2017, shortly after CBOE launched its Bitcoin futures on December 11.
At the time, the price of bitcoin was over $19,000 and the overall cryptocurrency market cap peaked at nearly $800 billion.
Before the launch, CME chairman Leo Melamed stated:
“[It’s] a very important step for bitcoin’s history…We will regulate, make bitcoin not wild, nor wilder. We’ll tame it into a regular type instrument of trade with rules.”
Since the launch of Bitcoin futures, bitcoin experienced a slow and steady decline of over 70% in price. The world’s leading cryptocurrency spent much of this past week hovering between $5,800 and $6,200.
These events unfolded despite positive bitcoin news, like CFTC Chair J. Christopher Giancarlo’s pro-bitcoin statement in February, the development of the Lightning Network and speculation of incoming institutional capital.
Perhaps, the catalyst needed for a big move up is the announcement of a bitcoin ETF.
If approved, anyone with a 401k, IRA, or an investment account with brokers like Fidelity and Ameriprise Financial could easily invest in the bitcoin market and push the total market cap for cryptocurrencies back to where it once was.
Bitcoin | BTC
Updated: June 30, 2018 at 5:34 pm PDT
Bitcoin, currently ranked #1 by market cap, is up 2.27% over the past 24 hours. BTC has a market cap of $109.92B with a 24 hour volume of $4.56B.
